Nate's Hot Dogs exchanges long-term assets with Lizzy's Lemonade. Nate receives a delivery truck and gives...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Nate's Hot Dogs exchanges long-term assets with Lizzy's Lemonade. Nate receives a delivery truck and gives up a piece of machinery. The fair value and book value of the machinery were $29,000 and $23,000 (original cost of $33,000 less accumulated depreciation of $10,000), respectively. Since the delivery truck was worth $34,000, Nate paid an additional $5.000 in cash to Lizzy. Record the exchange for Nate's Hot Dogs. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry wksheet 1 Record the exchange for Nate's Hot Dogs. Note: Enter debits before credits. Transaction General Journal Debit Credit Nate's Hot Dogs exchanges long-term assets with Lizzy's Lemonade. Nate receives a delivery truck and gives up a piece of machinery. The fair value and book value of the machinery were $29,000 and $23,000 (original cost of $33,000 less accumulated depreciation of $10,000), respectively. Since the delivery truck was worth $34,000, Nate paid an additional $5.000 in cash to Lizzy. Record the exchange for Nate's Hot Dogs. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry wksheet 1 Record the exchange for Nate's Hot Dogs. Note: Enter debits before credits. Transaction General Journal Debit Credit
Expert Answer:
Answer rating: 100% (QA)
Transaction General journal Debit Credit 1 Delivery truck 3... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
General Journal Transactions Dec. 01 Paid cash for months rent, $1,200.00; Check No. 3829. 01 Paid cash for monthly telephone bill, $237.73; Check No. 3830. 02 Paid cash for delivery charges, $42.00;...
-
General Journal Transactions Dec. 01 Paid cash for months rent, $1,200.00; Check No. 3829. 01 Paid cash for monthly telephone bill, $237.73; Check No. 3830. 02 Paid cash for delivery charges, $42.00;...
-
1. Consider a two-ray channel with impulse response h(t) = 8(t) + 8(t 0.022s). Find the distance separating the transmitter and receiver, as well as and , assuming free-space path loss on each path...
-
Find a value of x such that 3 1 [ a = [,7 a . - dt - dt. t 1/4
-
Hicks, the president and manager of Intermountain Merchandising, wanted to sell the business to Montana Merchandising, Inc. To provide a basis for the transaction, he retained Bloomgren, an...
-
Identify three distinct ways that savings are ultimately transferred to business firms in need of cash.
-
What is (a) frictional unemployment, (b) structural unemployment, (c) NAIRU?
-
Del Monte has a long and rich tradition in the American food processing industry. It is perhaps best known for packaging canned fruits and vegetables. Part of its success has involved acquiring other...
-
1. Puyallup Physical Therapy provides services worth $1,000 to a customer on account at a 25% trade discount. What journal entry should be made to record the transaction? (1 point) < 2. Luxury...
-
WRITE IN PYTHON AND IN THE GIVEN CODE coderbyte medium Back-end Challenge In the Python file, write a program to perform a GET request on the route Time left: Unlimited time...
-
Write a type int function strtoint and a type double function strtodouble that convert string representations of numbers to their numeric equivalents. strtoint("-8") 8 strtodouble("-75.812") 75.812...
-
It would appear that the quantification of materiality levels and the residual risk which is to be dealt with by substantive testing are the most difficult aspects of designing a statistical sample....
-
A government reports that its public safety function had expenses of \($900,000\) last year and program revenues of \($200,000\) so that its net expenses were \($700,000\). On which financial...
-
Bookkeeping records transactions; trial balances, statement of financial positions and income statements summarize and present the results of those transactions. It is unrealistic to expect such...
-
According to Equation 14.4, if the foreign interest rate falls, all other things constant, what should happen to the price of foreign money in the short run? E = exp(E++1) i-+1 (14.4)
-
A company makes a product that requires 3 kilograms of raw material A and 5 meters of wire per unit. The cost of raw material A is \($10\) per kilogram. The cost of the wire is \($1\) per meter....
-
The Wakefield High School football team won the regional championship in 2022. A record of their wins and losses is shown, in which the relationship between wins and losses is sorted by number of...
-
Which property determines whether a control is available to the user during run time? a. Available b. Enabled c. Unavailable d. Disabled
-
In this chapter, we discussed the story of Dalton, Georgia, and its role as the carpet capital of the world. A similar story can be used to explain why some 60% of the motels in the United States are...
-
If savers dont feel safe putting their money in banks or buying bonds, whats the best way to sum up whats happening in the market for loanable funds? a. Supply of savings falls and the interest rate...
-
During a crisis such as Hurricane Sandy, governments often make it illegal to raise the price of emergency items like flashlights and bottled water. In practice, this means that these items get sold...
-
The 2014 financial statements of LVMH Moet Hennessey-Louis Vuitton S.A. are presented in Appendix C of this book. LVMH is a Paris-based holding company and one of the worlds largest and best-known...
-
Great Man leadership theory assumes that: A. All leaders are great men. B. Leadership is determined by genetic and social inheritance. C. Leaders are from the working class D. A and B.
-
Transformational leadership theory: A. Was developed in the mid-1970s by Warren Bennis. B. Is the ability to transform followers to become more self-directed in all they do. C. Involves leaders who...
Study smarter with the SolutionInn App